Demonetisation in India On 8th November 2016,the Prime Minister Shri Narendra Modi announced demonetisation of Rs. 500 and Rs. 1000 notes that represent 86.4% of the currency in circulation 1. Corruption in India India is the 76 least corrupt nation out of 175 countries, according to the 2015 Corruption Perceptions Index reported by Transparency International.… Read More »
Reporting Cash Transactions under Rule 114E of Income –Tax Rules, 1962 Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in… Read More »
Issue In the light of the Notification No. 52/14, dated 22.10.2014, issued by the CBDT, the respondent Assessing Officer, i.e., Income Tax Officer (Exemption), Muzaffarpur, has no jurisdiction to make assessment in respect of the petitioner as an assessee under Section 143(3) of the Act on the ground that it is neither registered under Section… Read More »
Tax benefits for digital Sales Key Points about Tax benefits for digital Sales Section 44AD of Income tax Act to be Amended for Digital Sales :– The Central Board of Direct Taxes (CBDT) has reduced the taxable income under the deemed profit or presumptive income scheme u/s 44AD of Income Tax Act from 8 per cent… Read More »
I&B Ministry revises timeline for Phase III & Phase IV of Cable TV Digitization The Ministry of Information & Broadcasting is extending the cut-off date for Phase IV of Cable TV Digitization to 31st March, 2017 in lieu of uncertainty in the market due to pending court cases and unsatisfactory progress of installation of Set… Read More »
GST -Horizontal model and Vertical model for administrative control So far the Central and state governments of India have been discussing two models to divide the administrative control between the Union and state governments. Two Model of administrative control discussed in India are Horizontal model. Vertical model. Horizontal model of GST Under the horizontal model, the… Read More »
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st December, 2016 S.O.4110(E).— In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) These rules… Read More »
MINISTRY OF RAILWAYS (Railway Board) NOTIFICATION New Delhi, the 22nd, December, 2016 G.S.R. 1165(E).—In exercise of the powers conferred by section 129 of the Railways Act, 1989 (24 of 1989), the Central Government hereby makes the following rules further to amend the Railway Accidents and Untoward Incidents (Compensation) Rules, 1990, namely :- 1. Short title… Read More »
The Enemy Property (Amendment and Validation) Fifth Ordinance, 2016. Dated 22nd December 2016 Download Complete Notification Enemy Property (Amendment and Validation) Fifth Ordinance 2016
Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib KalyanYojana (PMGKY), can be made in Old Bank Notes of Rs. 500 and… Read More »